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The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional service, and community <br />engagement that encourages and inspires prosperity <br /> <br /> <br />Request for Action <br /> <br />To <br />Economic Development Authority <br />Item Number <br />7.2 <br /> <br />Meeting Date <br />April 15, 2024 <br />Prepared By <br />Joshua Mollan, Economic Development Specialist <br /> <br />Item Description <br />Placer.ai Renewal <br />Reviewed by: <br />Brent O'Neil <br />Cal Portner <br /> <br />Action Requested <br />Approve, by motion, a one-year renewal of the Placer.ai subscription. <br /> <br />Background/Discussion <br />City staff have continued implementing Placer.ai where beneficial. The platform has been used in the following <br />ways, among others: local presentations and data sharing (Elk River Area Chamber of Commerce, Downtown <br />Elk River Business Association), local event visitor analysis (Riverfront Concert Series, Farmers Market, EV <br />Expo), 169 Redefine business impact and traffic analysis, annual leakage reporting, local facilities' visitation data <br />for the city sponsorship package, traffic pin analysis to assist in billboard placement/timing, Orono Lake <br />Improvement District collaboration for lake user analysis. <br /> <br />The software is set to renew on May 31st for $15,712. For the past two years, the annual charge has been <br />split evenly between the EDA and HRA. Staff have found that the software is used for the activities of the <br />EDA in a higher proportion than the HRA. Staff suggests updating the split where the EDA would cover 70% <br />($10,998.40) of the annual charge and the HRA would cover the remaining 30% ($4,713.60). <br /> <br />Staff plans to provide an updated Placer.ai presentation to the board at the May meeting. <br /> <br />Financial Impact <br />The EDA share of the one-year renewal is $10,998.40, which is 70% of the total annual charge of $15,712. <br /> <br />Mission/Policy/Goal <br />Attract new business development to Elk River to build the City’s economic vibrancy, job offerings and tax <br />base. <br /> <br />Attachments <br />None <br /> <br /> <br />Page 38 of 41